The lender will consider the credit of the people that will be applying for the mortgage. Anyone with bad credit will only hurt the other person's chance of getting the mortgage. If they can apply by themselves they should. After the the closing of the mortgage and sale--anyone can be added to the title --it is called a quit claim deed.
The bank will consider the credit of all people on the application. They will want anyone on the Title to be on the Application. In order for the party with bad credit to not be considered, they must remain off the title and the application. Only income of the people on the application will be considered for the debt ratio.
A bank might, but a mortgage company won't. On a conventional loan you can have only one spouse on the loan application and both on the title. This is done all the time. Call me if you have any further questions. Rachel, Capital Lending, 504-818-0400
In the current credit environment (2010), the only lenders that make loans to people without checking their credit history are payday lenders, auto title lenders and pawn shops.
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
Most banks will give potential borrowers a loan commitment, even if the title is not clear because the banks reserve the right to deny final approval and funding of the loan if the title is not cleared by the time of the closing. A loan commitment does not mean much else than that the bank is willing to lend money to the borrowers based on their credit history and financial status -- not that the home is ready to be transferred and the bank will participate in it.
It depends. If it's for a car you can go to any bad credit car place and they will give you credit. If it's for a house you can call a bad credit mortgage broker and they will give you a mortgage if you have a downpayment. If it's a small personal loan you need, go to a payday loan or cash advance store. You need a job and a checking account. Or you can try to get a loan from a bank or credit union if you have collateral like a car or house or something of value. Or you can go get an Auto title loan. You need a clean and clear car title and you get money the same day. These are the only ways I know of.
Deeds and title's to real property have no bearing on credit scores. It might be wise to consider the possibility of placing the property at risk if the joint owner should incur financial difficulties in the future.
In the current credit environment (2010), the only lenders that make loans to people without checking their credit history are payday lenders, auto title lenders and pawn shops.
Yes. But only certain banks/credit unions offer them, you have to check around.
"Netminder Magazine"
A paperless title is an electronic title. Banks keep a record of the title but they do not print it out but keep the record in the computer.
I've heard that many banks will hold title for up to 30 days until checks and/or credit cards clear. Apparently, Credit Cards can be disputed up to 30-90 days, so they get nervous about taking credit cards for payment and having you come back and challenge the charge. If you pay off in cash or cashiers checks, they are supposed to release the title quickly (5 working days I think).
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
Title auto loans are an easy way to get the cash that is needed when having poor credit is a problem. A title loan can be applied for by anyone who owns the title to their vehicle, free and clear. A title loan company will use the title of the vehicle as collateral for a loan worth anywhere from a hundred dollars into the thousands. Borrowers who have poor credit may also take advantage of a title loan, as these companies do not check into credit scores. No matter how poor the customers credit is, it will not cause a problem when applying for, and being approved for, a loan. Even those who have had to deal with a bankruptcy or a repossession in their past do not have to worry about it being a problem. A title loan can be applied or online, any time of the day or night. The money that the borrower is approved for can then be deposited straight into their bank account, usually within twenty-four hours or less. These loans can really help out in a financial emergency, especially when there may be few other options to consider.
As it relates to a vehicle, "title work" is the process of filing an application for title, possibly checking for listing of a leinholder(clear title), ect.
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
Can I order a copy of my car title over the phone and pay with a credit card?
"Give Credit Where Credit Is Due"
Most banks will give potential borrowers a loan commitment, even if the title is not clear because the banks reserve the right to deny final approval and funding of the loan if the title is not cleared by the time of the closing. A loan commitment does not mean much else than that the bank is willing to lend money to the borrowers based on their credit history and financial status -- not that the home is ready to be transferred and the bank will participate in it.